Company to Enter Agreement for Ownership of InternationalEntertainment Broker
Feb. 22, 2010 (Business Wire) — CitySide Tickets, Inc. (PINK SHEETS: CIST), which owns and operates www.CitySidetickets.com, a nationwide event ticket purchasing venue that caters to a diverse selection of popular theater, music, and sporting events, today announces that it has signed a Letter of Intent with StadiumTickets.com, an international entertainment and event ticket broker exchange. Terms of the letter include a 100% ownership in StadiumTickets.com by CitySide Tickets, Inc. The website, www.stadiumtickets.com, will be live and accepting broker orders on March 1st.
The lucrative secondary ticket market has undergone an incredible transformation since the mid-1990s. In an industry as old as ancient Rome, tickets closest to the Emperor’s box were highly prized and sold at a premium; today’s prime seats are courtside tickets to a Final Four NBA match. Commonly known as “scalpers,” these tradesmen of the illegal ticket trade can still be heard outside stadiums and concerts shouting “Who needs a pair?” But the days of the scalper are drawing to a close; the secondary ticket market today is now a slick, technology-driven, multi-billion dollar business. More and more consumers are seeking their tickets online through one of the many secondary ticket brokerages. The internet has turned scalping into a sophisticated white-collar trade.
U.S.-based Forrester Research said the ticket resale business was a natural one to move online. The dominant U.S. market of online secondary ticket sales is expected to reach $4.5 billion by 2012. Recent big name industry purchases have solidified the idea that there are still incredible growth opportunities available. Ticketmaster has struck a deal to acquire online ticket scalper TicketsNow for $265 million. This follows eBay’s (NASDAQ: EBAY) acquisition of StubHub for $310 million last year. TicketsNow is the second-largest online ticket scalper after StubHub, having sold $200 million worth of tickets in 2006. Top-tier VC firm Kleiner Perkins led a $26 million investment in RazorGator back in 2005. According to Hitwise, an Internet market research firm, StubHub and TicketsNow ranked fourth and fifth among all ticket sites, well behind market leader Ticketmaster.
Forrester Research claims that this growth is driven by sleek advances in computer hardware and software, rising consumer comfort with purchasing tickets online, and increased competition in the online secondary ticketing marketplace. State-of-the-art online programs allow tickets to be bought at home and resold with the ease of a mouse click or quickly forwarded to a friend or business associate. With such a massive growth opportunity, CitySide Tickets, Inc. believes that a capture of even a small percentage of market share can make the difference to its stockholders. To aid in this effort, the Company has taken an aggressive ownership arrangement through a Letter of Intent with StadiumTickets.com.
Beginning March 1st, StadiumTickets.com features real-time entertainment and event ticket brokering through a secure network across the United States and Europe. Brokers will be able to negotiate rates, see ticket availability, and trade across the fully featured online portal, www.stadiumtickets.com.
Company CEO Michael DeAmicis said, “We’re pleased to sign this Letter of Intent with StadiumTickets.com. An international venture like this has been something our company has been searching for. To be able to connect in real-time with ticket brokers in Europe will only expand our event offerings and ability to procure tickets to all performances in an international tour from the most popular artists. I think our customers will appreciate these added benefits.”
CitySide Tickets, Inc. enables consumers to search for their favorite artist, a local venue, or for all events within range of a particular ZIP code. The Company’s flagship website, www.CitySidetickets.com, features the unique option for its visitors to sell whatever available event tickets they hold on the website for any price the seller sets. Advantages of this are clear to anyone who holds event tickets that they just won’t be able to use. The no-hassle ability for anyone to sell their event tickets online in just a few minutes is a powerful and dynamic feature that sets CitySide Tickets apart from the crowd.
About CitySide Tickets, Inc.
CitySide Tickets, Inc. is positioning itself to become a major player in the event ticket market. CitySide offers a diverse range of tickets, including concert tickets, theater tickets, and sports tickets for sale through their website at www.CitySidetickets.com. In addition, visitors to the company’s website can use the site to sell tickets they have available. CitySide Tickets also offers tickets to Major League Baseball, NBA Basketball, NFL Football, and NHL Hockey events. They also offer Monster Jam tickets, National Finals Rodeo tickets, Ultimate Fighting Championship tickets, U.S. Open Tennis Championship tickets, and WWE-World Wrestling Entertainment tickets.
Currently, CitySide Tickets is offering concert tickets for acts such as Taylor Swift, Bon Jovi, Lady Gaga, and Elton John & Billy Joel, to name a few. For Theatre tickets, the company is offering tickets for Wicked, The Jersey Boys, South Pacific, and Phantom of the Opera, among others. Racing events offered include tickets to the Daytona 500 at Daytona International Speedway as well as the Atlanta Motor Speedway, Darlington Raceway, Indianapolis Motor Speedway, Michigan International Speedway, Pocono Raceway, and Watkins Glen International.
For more information, please visit the Company’s website at: www.CitySidetickets.com.
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With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of the company could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to respond to the evolving technological landscape, inability to finance the Company’s operations or expansion, inability to hire and retain qualified personnel, competitive pressure, changes in the general economic climate, including rising interest rates, and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as ‘may,’ ‘will,’ ‘should,’ ‘expect,’ ‘plan,’ ‘anticipate,’ ‘believe,’ ‘estimate,’ ‘predict,’ ‘potential’ or ‘continue,’ the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, and such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors associated with our Company, review our SEC filings.
Source: Business Wire (February 22, 2010 – 5:58 PM EST)